KBank launches $100m AI- and Web3-focused fund

Second-largest by assets in Thailand, Kasikorn Bank (KBank), through its subsidiary Kasikorn Business Technology Group, established a $100 million fund that will invest in startups focused on AI and Web3. The Block writes about this.

A structure named KXVC is aimed at infrastructure projects, including blockchain developers and validators.

Preferences will be given to teams focused on zero-knowledge proofs and liquid staking.

The fund is set to back more than 30 firms.

Kasikorn Business Technology Group has previously collaborated with 1KX, HashKey Capital and Symbolic Capital.

As reported in March 2023, the Thai cabinet abolished the corporate income tax and value-added tax for companies issuing digital tokens for investment.

The amount raised by crypto firms through investment rounds in August increased by 39.8% compared with July, according to RootData.